Taxation of Chargeable Gains Act 1992

155 Relevant classes of assets

The classes of assets for the purposes of section 152(1) are as follows.

• CLASS 1

  Assets within heads A and B below

  • Head A

    1.

    Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade

    2.

    Any land occupied (as well as used) only for the purposes of the trade.

    Head A has effect subject to section 156.

  • Head B

    Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.

• CLASS 2

  Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the [1968 c. 59.] Hovercraft Act 1968).

• CLASS 3

  Satellites, space stations and spacecraft (including launch vehicles).

• CLASS 4

  Goodwill.

• CLASS 5

  Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).